Exposure draft on Revised Accounting Standard on Segment Reporting (AS 108) issued by ICAI

On the basis of discussions held at various standard-setting forums, ICAI decided to revise Accounting Standards (AS) in line with the Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs. Accordingly, the Accounting Standard Board (ASB) of ICAI has decided to maintain consistency in the numbering of AS with Ind AS numbering.

Therefore, the entire set of revised Accounting Standards will consist of 32 standards also incorporating a standard on the transition from existing AS to Revised AS at various stages of formulation. In this regard, 28 Revised AS have been developed and approved by the Council, so far.

In this direction, the Exposure Draft of revised AS 108, Segment Reporting has been issued by the ASB, taking existing AS 17 as a base. The said Exposure draft also includes the Major differences between AS 108 and Ind AS 108 & between AS 108 and AS 17.

Comments on the said Exposure Draft shall be submitted by May 28, 2022.

To Read The Full Story Click Here